On Paul Krugman's Nobel from ANTIDOTE by Sauvik
Paul Krugman, winner of this year's Nobel prize in Economics, is a Keynesian. He therefore believes in central banking, counterfeit money, and government sponsored consumption boosts as a way to beat recessions. He thinks the Austrian school of Economics is a "religion."
He ridicules the Austrian theory of the trade cycle. Yet, this prize, which is awarded by the Swedish central bank, comes at a time when public confidence in central banking is on the wane – especially in America, where Ron Paul keeps rolling on. His is a grassroots political movement against the Fed, against the bailout, all based on Austrian economics.
As a believer in Austrian economics myself, all I can say about this year's Nobel prize in Economics is that it represents a last ditch effort to bolster Keynesianism and central banking...
Krugman will use his increased prestige to advocate more socialism in the US. He is a Democrat and will probably make it to high office under Obama, who is likely to win. In any case, as Lew Rockwell writes, he will be "a loyal propagandist for endless currency depreciation."
Those who believe in "sound money" based on gold will have to watch from the sidelines as worthless government papers lose value with every passing day. They will have to watch propagandists like Krugman enjoy fame and glory as the poorest of the poor are robbed by the inflationists.
This is not a good day for the science of Economics. A propagandist whose columns show outright political partisanship has won the Nobel. But then, this is a prize given by a central bank. What else should we expect?